Argentina: Oilseeds and Products Annual

Post forecasts Argentina soybean production at 51 million metric tons (MMT) in marketing year (MY) 2024/2025 as production returns to assuming good weather in the year ahead and increased soy planting at the expense of wheat and corn, particularly in late or second crop soy. Crush and exports are also expected to recover to 40 MMT and 7.3 MMT respectively, both up from the previous year. Soymeal exports are forecast at 27 MMT in both MY2024/25 and MY2023/24 as Argentina retakes it’s place as the largest soymeal exporter in the world. Soy oil exports are forecast to grow as well to 5.3 MMT. Sunflowerseed production is forecast down up slightly in MY2024/25 to 3.7 MMT as producers expect another dry La Niña weather pattern ahead, but still down significantly from the record year of MY2022/23 when sunflower was the only bright spot in a bleak crop landscape. Post forecasts a rebound in peanuts and products to a more normal year. Post maintains its previous estimate for soybean production in MY2023/24.